{"id":22457,"date":"2023-06-09T07:00:00","date_gmt":"2023-06-09T11:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=22457"},"modified":"2023-06-08T11:39:12","modified_gmt":"2023-06-08T15:39:12","slug":"rebgv-may-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/rebgv-may-2023\/","title":{"rendered":"Vancouver Home Prices Surge for 6th Consecutive Month Amid Low Inventory and High Demand"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Vancouver<\/a> home prices got another boost last month as buyers continue to outnumber sellers, pushing demand and prices upwards. The Real Estate Board of Greater Vancouver reported that the benchmark price for all properties in May 2023 is $1,188,000 &#8211; a month-over-month increase of 1.3%. Despite this being a 5.6% decrease from last year\u2019s benchmark price, prices have been steadily increasing this year and the market remains hot.&nbsp;<\/p>\n\n\n\n<p><strong><em>Enjoying our content? Subscribe to our free<\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em> weekly newsletter<\/em><\/strong><\/a><strong><em> to get Canadian real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n<div><script type=\"text\/javascript\" defer=\"\" src=\"https:\/\/datawrapper.dwcdn.net\/84YL8\/embed.js?v=3\" charset=\"utf-8\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/84YL8\/full.png\" alt=\"\"><\/noscript><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Low Inventory Creating Competitive Conditions Among Buyers&nbsp;<\/h2>\n\n\n\n<p>The number of newly listed homes rose by 31.4% compared to April, now at 5,661, however this number is still 4.3% below the 10-year seasonal average of 5,917. As well, total homes currently listed for sale is 20.6% below the 10-year average. These tight conditions are keeping prices high, with detached homes seeing the most price growth. The benchmark price for a detached home is now at $1,953,600, up 1.8% from April. Apartment prices were also up month-over-month by 1.1%, reaching $760,800.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/vancouver-best-outdoor-patios-summer-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Sip and Savor: Vancouver\u2019s Best Outdoor Patios for Summer 2023<\/strong><\/a><\/li><\/ul>\n\n\n\n<p>Nearly all regions experienced benchmark price growth, except for <a href=\"https:\/\/www.zoocasa.com\/bowen-island-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Bowen Island<\/a>, <a href=\"https:\/\/www.zoocasa.com\/sunshine-coast-a-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Sunshine Coast<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/whistler-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Whistler<\/a>. <a href=\"https:\/\/www.zoocasa.com\/pitt-meadows-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Pitt Meadows<\/a> had the greatest month-over-month price growth with a 3.9% increase to $906,300. This was largely driven by detached homes in the area, which grew by 6.5% from April to $1,274,800. <a href=\"https:\/\/www.zoocasa.com\/burnaby-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Burnaby East<\/a>, <a href=\"https:\/\/www.zoocasa.com\/delta-bc-real-estate\/ladner\" target=\"_blank\" rel=\"noreferrer noopener\">Ladner<\/a> and <a href=\"https:\/\/www.zoocasa.com\/maple-ridge-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Maple Ridge<\/a> also had significant growth; by 2.9%, 2.6% and 2.6% respectively.&nbsp;<\/p>\n\n\n<div><script type=\"text\/javascript\" defer=\"\" src=\"https:\/\/datawrapper.dwcdn.net\/xxilo\/embed.js?v=2\" charset=\"utf-8\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/xxilo\/full.png\" alt=\"\"><\/noscript><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Homes Sales Climbing Up Across Property Types<\/h2>\n\n\n\n<p>So far, high mortgage rates and low supply have not deterred buyers from flocking to the spring market. Total sales were up month-over-month and year-over-year, with 3,411 homes trading hands. Detached homes had a particularly successful month, with 1,043 sales &#8211; a month-over-month increase of 29.1% and year-over-year increase of 30.7%. Apartment and townhouse sales also shot up month-over-month by 22.4% and 21.6% respectively.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/million-dollar-homes-us-and-canada-june-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Exploring Real Estate Opportunities: What $1M Can Buy You Across the US and Canada<\/strong><\/a><\/li><\/ul>\n\n\n\n<p>If you\u2019re looking to enter the Vancouver real estate market, <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\">give us a call<\/a>! Our experienced real estate agents can guide you to find the perfect home.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Looking in Vancouver?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver home prices got another boost last month as buyers continue to outnumber sellers, pushing demand and prices upwards. The Real Estate Board of Greater Vancouver reported that the benchmark price for all properties in May 2023 is $1,188,000 &#8211; a month-over-month increase of 1.3%. Despite this being a 5.6% decrease from last year\u2019s benchmark [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":22460,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[1170,1160,587],"tags":[],"class_list":["post-22457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-british-columbia","category-market-insights","category-vancouver-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vancouver Home Prices Surge for 6th Consecutive Month Amid Low Inventory and High Demand | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Vancouver home prices and sales increased significantly in May 2023, but low inventory remains a problem. Discover the latest trends and insights in Vancouver&#039;s real estate market in Zoocasa&#039;s report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/rebgv-may-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vancouver Home Prices Surge for 6th Consecutive Month Amid Low Inventory and High Demand | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"Vancouver home prices and sales increased significantly in May 2023, but low inventory remains a problem. 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